Thank you for your advice on my previous question.
I am not sure how to treat discount vouchers for the restaurant I am working with. I have opened a Till bank account and have posted bank receipts (CR) to debit the bank and credit the sales n/c with the daily takings, when the cash & card hits the current bank account I have done a transfer to db current a/c and cr Till Takings account. I hope this is correct?
Sometimes there are voucher sales, which I have done a bank payment (CP) to credit the till takings and debit a voucher sales n/c. I now think I should have db till taking & cr voucher sales?
I have received an invoice(from the voucher company) confirming the payment due to the restaurant and the payment has been received into the current bank account. I was going to transfer for this amount from the till takings (cr) to the current account (db), but this would mean the amount of the voucher has come out of the till taking twice.
Please can you tell me if I have posted the voucher sales the wrong way and how can I correct this.
You dont say what the deal is with the voucher company.
But....
generally you have 2 positions to consider
One when you collect the portion of the voucher purchased by a customer via the voucher company........gross of their fees......then their payout....net of their fees. Hint you need to keep track of what vouchers have been redeemed and what havent.
Then
Two when the voucher is redeemed......which may also involve an additional payment for extra spend, whether this is via cash or card, plus of course a reduction in the vouchers floating about out there. The Accounting system needs to track this. Hint - only when it is redeemed does it become a sale.
Does the restaurant not use Z's it can link the redemption to that then feeds straight into sage?
Worst time to ask - tax season, so there may not be the usual bods to give a fully detailed response as quickly as usual.
That said the full double entry (also including all sage entries) has been posted on here before (I know because I did a LONG post, more than once I seem to recall), albeit it wouldve been before the change for voucher processing so just needs a tweak for the VAT changes.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thanks, I have looked at your previous post, which was very detailed and great to understand, I have implemented the suggestions you made and it seems to be working good so far!
With the vouchers, they are bought by the customer from a third party and redeemed against food/drinks. Therefore am I correct that now VAT has to be accounted for when the vouchers are redeemed? (HMRC - With credit vouchers, any VAT due is paid when the voucher is redeemed)
Hi Sheena
Dont think we have enough info if my memory of the changes serves.
Some restaurants also sell food for off site (cold food and drink) so you have a mix of VAT ratings.
Am too busy to refresh my memory just now, but Ive added a couple of useful bits that might help (care as with the other they covered the law pre and post changes. Mostly you need to be looking at, as far as Im concerned, 'retail' vouchers for restaurants. Also look at the single purchase voucher v multi purchase give what Ive said above re the mixed supplies.
I would suggest you may be also get their Accountant involved early in the process - always good for them to cast an eye over what you are doing if you arent fully conversant with the VAT aspect. I always prefer to be brought in early with my clients!
